Is your money protected? | Santander UK (2024)

FAQs

Is your money protected? | Santander UK? ›

The money you deposit with Santander UK plc

Bank and building societies

If you hold money with a UK-authorised bank, building society or credit union that fails, we'll automatically compensate you. up to £85,000 per eligible person, per bank, building society or credit union. up to £170,000 for joint accounts.

You'll be covered up to the maximum of £85,000 for the sum of your accounts at the same bank or building society. If you have money in accounts at more than one bank or building society, the FSCS has a protection checker protection checker This link will open in a new window you can use to see what's covered.

Spotting a suspicious text message

Any text message with links that ask you to update your banking details or log on to your account will be fake. The text message may even appear in a thread of previous genuine messages from Santander, such as previously sent OTP numbers.

If you bank with a regulated bank or building society in the UK then some of your cash is protected by the FSCS (Financial Services Compensation Scheme). This means that if your bank goes bust then you'll automatically get your money back.

The FSCS will compensate you up to £85,000 if you hold money with a UK authorised bank, building society or credit union and the institution fails. For a couple with a joint account or money with the same bank, they get protection up to £85,000 each, so £170,000 altogether.

Make sure you check which banks are linked before picking accounts. Over £85,000. For those with bigger savings, in the unlikely event a bank or building society went bust, the golden rule is not to put more than £85,000 in any one financial institution. Spread your savings around a number of accounts.

If a bank texts you, it will come from a five or six-digit “short code.” For example, Chase Bank's fraud department will only text you from 28107, 36640, or 72166 [*]. It comes from an email address that looks like your bank's address. Scammers send texts from email addresses to make them seem more legitimate.

The secure areas of our website and app use strong 128-bit SSL (Secure Socket Layer) encryption to keep your details safe.

This refund should be in your account by the end of the next business day, along with any charges and interest you paid because of the transaction. When you make your claim, your bank may ask you some questions and get you to fill out a form stating what happened.

How do I protect large sums of money in the UK? ›

Which is the safest bank in the UK? Banks such as HSBC, Lloyds Bank, NatWest, and Barclays are solid and have a strong financial position. Although deposits are protected by FSCS only up to £85,000, these banks are unlikely to fail because of their size and resources.

The Proceeds of Crime Act 2002 (as amended by the Criminal Finance Act 2017) allows for bank and building society accounts to be frozen for up to two years, while an investigation takes place and the minimum balance in the account is £1,000.

If a court judgement obliges the customer to pay a certain amount, the bank may freeze the account to enforce the judgement. Insolvency or bankruptcy. In case of insolvency or bankruptcy of the client, the bank may freeze the account to prevent further financial transactions.

HMRC can now take money from people simply if they think they may be using illegal tax avoidance methods. This means they keep the cash until legal proceedings are over, paying it back with interest if they lose.

Under the FSCS, the first £85,000 (as of January 2017) a depositor puts into their account (or £170,000 if your money is held in a joint account) is protected in the event that the bank or building society goes bust.